1. 2011 Advisor Training Federal and State Update
Chad Foust
Associate Director, Student Financial Aid, OSU
Southeast Regional Representative, OASFAA
August 10th, 2011

2. Federal Aid Programs, 2011-2012 Pell Grant Direct Loans ACG and SMART
Campus Based Programs
TEACH

3. Federal Pell Grant,
Maximum award amount remains the same as
$5,500 maximum award for full-time enrollment and an Expected Family Contribution (EFC) of zero
Year-round Pell (two Pell awards within the same academic year) has been eliminated

4. Direct Loans, 2011-2012 Federal Stafford/Federal Direct Loan
A federal loan program with two types of awards
Subsidized
Unsubsidized
Need based
Not based on financial need
Interest is fixed at 3.4% for all new undergraduate loans disbursed after July 1, Interest is subsidized while the student is in school during deferment. Slated to go back to 6.8% for 2012
Interest is fixed at 6.8% for all new loans disbursed after July 1, Interest accrues from time of disbursement of the funds.

5. Additional Unsubsidized Amount Total Available to Borrow
Direct Loans,
Class Year
Base Amount
Additional Unsubsidized Amount
Total Available to Borrow
Freshman
$3,500
$2,000
$5,500
Sophomore
$4,500
$6,500
Junior
$7,500
Senior
Independent Students and Dependent Students whose parents have been denied the PLUS Loan are eligible for additional Unsubsidized Stafford Loans ($4,000 as Freshmen and Sophomores and $5,000 as Juniors and Seniors)

6. their first 12 payments on time to maintain their rebate
Direct Loans,
1% default fee with a .5% rebate (deducted from the borrowers disbursement so borrowers net 99.5% of what they borrow)
Borrowers must make
their first 12 payments on time
to maintain their rebate

7. Direct Loans, 2011-2012 FAFSA Follow instructions at school attending
Entrance Counseling
MPN
Disbursement to student account
Notification of servicer (instruct students to watch and save /snail mail)

8. PLUS Loans: Direct Loans, 2011-2012
Loans to parents of dependent students
Loan limits are up to the cost of education less any financial aid received per academic year
The interest rate 7.9% fixed
Repayment begins within 60 days of full disbursement (payments may be deferred while the student is in school)

9. Parent/borrowers must make their first 12 payments on time
Direct Loans,
4% default fee with a 1.5% rebate (deducted from the borrowers disbursement so borrowers net 97.5% of what they borrow)
Parent/borrowers must make
their first 12 payments on time
to maintain their rebate

10. Academic Competitiveness Grant
ACG and SMART,
Academic Competitiveness Grant
SMART
For high academic performance among Pell eligible first and second year students
For Pell eligible third and fourth year students enrolled in STEM program
Both programs
have been eliminated

11. Campus Based Programs, 2011-2012
There are no major changes to any of these programs from
Federal Perkins Loan
Federal Supplemental Education Opportunity Grant (SEOG)
Federal Work Study

12. TEACH,
No Changes!
Grant available to undergraduates and graduates enrolled in STEM education majors
Service requirement upon graduation must be met, or grant becomes an Unsubsidized Stafford Loan that must be re-paid!!

13. Sneak Peek beyond
Elimination of subsidy on graduate and professional Direct Loans after July 1, 2012 Elimination of repayment incentives on new Direct Loans after July 1, 2012 Subsidized Loan interest rate to revert to 6.8% for new loans after July 1, 2012 Pell funding and level of maximum award should remain stable through academic year (tentatively exempt from future cuts in ongoing federal budget negotiations)

14. Ohio Aid Programs,
Ohio College Opportunity Grant (OCOG) War Orphans Scholarship National Guard Scholarship Academic Scholarship Safety Officers Memorial Nurse Education Assistance Loan Program (NEALP) Choose Ohio First

15. OCOG,
Total funding level for is relatively similar to total funding level for
An anticipated increase in the number of eligible students
results in decreased annual awards
$672 for students at public main campuses
$1,872 for students at most private, non-profit
$192 for students at most private, for-profit*
*OCOG funding for private, for-profit schools was eliminated for and Funding was restored for the and academic years.

16. War Orphans Scholarship, 2011-2012
For Ohio dependents of deceased or majority disabled veterans Will provide an annual, full-time award of $4,797 to eligible students at private colleges and universities (both non-profit and for-profit)
Will continue to cover 80% of full-time tuition and general fees at public colleges and universities

17. Ohio National Guard Scholarship, 2011-2012
Eligibility determined by the Ohio Adjutant General Will provide an annual, full-time award of $8,696 to eligible students at private colleges and universities (both non-profit and for profit)
Will continue to cover 100% of tuition and general fees at public colleges and universities

18. Ohio Academic Scholarship, 2011-2012
Program was eliminated and no new awards were made after
$2,000 Annually
Students with remaining eligibility will continue to receive $2,000 annually
Program will likely be completely phased out by the end of

19. Safety Officers Memorial, 2011-2012
For Ohio dependents and spouses of safety officers killed in the line of duty Will provide an annual, full-time award of $6,768 to eligible students at private colleges and universities (both non-profit and for-profit)
Will continue to cover 100% of full-time tuition and general fees at public colleges & universities

20. Loans for RN candidates and graduate nurse faculty students
NEALP,
Loans for RN candidates and graduate nurse faculty students
Loans can be forgiven with 4 to 5 years of service as a nurse or nurse instructor in Ohio upon completion of degree
Loans range from $1,500 to $5,000

21. Choose Ohio First,
Various programs with STEM concentrations Partnerships of private/public schools apply for funding
State funding for these programs will increase slightly for the next two academic years

22. State Support and Tuition, 2011-2012
Tuition cap at 3.5% for each of and (cap at $200 each year for community colleges) Low Cost Pathways 2+2, 3+1 programs — low cost Bachelor’s Degrees Enterprise Universities,3 year Bachelor’s Degrees
Total subsidy support down with elimination of federal stimulus funds ($2B to $1.7B)

23. F A F S A 2012-2013 Academic Year High School Nights
College Goal Sunday--February 12, 2012
FAFSA filers encouraged to utilize IRS data retrieval process either initially or as a correction if tax return is filed after FAFSA is completed
Verification will rely more heavily on official IRS tax transcripts versus actual tax returns F A F S A

24. OASFAA is a non-profit organization
OASFAA has provided the information today as a free service
to access staff and high school counselors
You have permission to copy and distribute these materials to your students and families. Charges may not be assessed for the material or for the information presented. Permission must be granted for other use of this information or these materials. Contact the Outreach Chairperson listed on the OASFAA web site or